Is Waiting For Spring to Buy a Home Smart?
February 5, 2020 | Gail Hardy
I’m waiting for spring to buy a house. I hear it all the time, and I’m sure you do too. The temperatures are warmer in the spring and the thought of moving in the cold temperatures is …well… not very appealing. You’ve heard there’s more inventory in the spring and, generally, that’s true. But does that make it the best time to buy? Actually, the answer to that question is no. Let me explain why now is the best time to buy!
Fewer people are shopping in the winter months for a home. Fewer people shopping means it will be less competitive. More competition means more people making offers driving the price up and sometimes, not just a little. With a strong real estate market, like we have in Knoxville, multiple offer situations are very common in the spring and summer, driving prices over asking price by thousands of dollars. Less competition equals a better price for you as a buyer.
Sellers who have their homes on the market in the fall and winter have a reason to sell. They’ve listed their home during this time of year because they’re being relocated with work, sometimes in divorce situations, possibly financially struggling, etc. They’re not just listing their house to see if anyone takes the hook. They’re more motivated, so to speak. More motivation means a better price for you, the buyer.
Most other buyers don’t want to move when it’s cold outside. This means fewer buyers in the market that may want the same house as you do. Take their lack of willingness to bundle up and bear the chilly weather to find a great deal on a home!
Winter months are slower for realtors, home inspectors, repair people, appraisers, movers, and so on. Slower business for them is a benefit to you. You’ll have their undivided attention to find you the perfect home. When it’s slower, your realtor will try that much harder to negotiate an offer and get you under contract on your perfect home!
Gail Hardy is an Affiliate Broker with Southland Realtors. Gail welcomes anyone with questions about real estate or looking to buy/sell a home to give her a call. She can be reached at 865-805-3054 or firstname.lastname@example.org. Reviews on Gail can be found at Zillow.com or Facebook.com.